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Non-Callable Bond - A
bond that cannot be called for redemption at the option of the
issuer before its specified maturity date.
Optional Redemption - The ability of an issuer to
redeem bonds at a price above par (in most cases) in 5 or 10
years from the original issue date. In such a case, serial
bonds, which at the time of issue were due in less than 5 or 10
years, are not subject to the option call feature.
Par - The amount equal
to the nominal or face value of a bond.
Partial Call - Occurs
when the issuer redeems only a portion of the outstanding bonds
in a specific maturity.
Pre-Refunded Bond -
Municipal securities which have been refinanced by the proceeds
of a new municipal issue. Bonds are then secured by the
principal and earnings of an escrowed portfolio of U.S.
Government securities to and including either an irrevocable
call date or the bond 's maturity date (see
Bond - A bond originally delivered by its issuer
on or after August 8, 1986, with more than 10% of proceeds
subject to private use or benefit. Private activity bond income
is taxable, unless bonds are issued for a qualified purpose
(see Qualified Private Activity).
Put Bond - A bond providing
the holder with an option to tender to bond to the issuer for
redemption at par on a specific future date or dates prior to